WARMINSTER, Penn.-At Freedom CU, adding a mobile platform is lowering the average age of the membership and raising profitability.
Entering into mobile banking more than a year ago, the $580-million CU is ahead of its mobile banking user projections, at 20% of its online banking users, or 4,400 members. "It's taken off faster than we thought," said Gerard McGeever, VP of marketing.
But what's more important is that mobile is attracting younger members. "The average age of our membership is 47," said McGeever. "We noticed our average mobile user is 38. We have been trying to lower the age of our membership, and mobile is a way."
The credit union has also noticed that mobile users are more profitable than members who do not use the service. "The average annual profit we make from mobile users is $43," shared McGeever. "Non-mobile users bring us $21 a year. We knew if we could get mobile used by the right people we'd be successful. That is, the segment of people in their 30s, in their prime borrowing years, and want self-service."
